Southeast Asia

Jan 26, 2006

Vietnam's first life insurance

HANOI - Japan's Dai-ichi life insurer officially launched its representative office in Hanoi last week, becoming the first Japanese life insurance company to operate in Vietnam.

Japan's second-biggest life insurer with a 100-year business history has total assets of 29.8 trillion yen (US$260 billion), gaining a premium revenue of 3.5 trillion yen ($30 billion) each year and serving nine million clients.

Dai-ichi has already established a company in Hong Kong and opened two representative offices in Beijing and Shanghai.

Meanwhile, Nidec, a leading Japanese mechanics and high-tech

corporation, has pledged to increase its capital investment to US$1 billion in a 10-year project in Ho Chi Minh City.

Nidec will concentrate on manufacturing high-tech products for export, including electronic components for computers, cameras, robots and other electronic products.

For its part, the municipal administration will create favorable conditions, especially infrastructure facilities for Nidec. It will also help to train 20,000 skilled workers to meet the corporation's demand, said Le Thanh Hai, Chairman of the Ho Chi Minh City People's Committee.

Nidec has already started construction on two factories in the city's high-tech zone.

(Asia Pulse/VNA)

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